BNP Paribas to acquire Neuflize Vie
Neuflize OBC, the private banking unit of ABN AMRO in France, and Cardif, the insurance subsidiary of the BNP Paribas Group, have announced plans for a long-term partnership in life insurance. This partnership will lead to a distribution agreement and the acquisition by Cardif of the life insurance company Neuflize Vie from its founding parent companies, ABN Amro and AXA.
Cardif and Neuflize OBC plan to collaborate to drive growth in life insurance for high net worth individuals. ABN Amro’s choice of partner follows a rigorous selection process involving several leaders in the European insurance segment. Cardif’s offer proved attractive due to the insurer’s robust financial foundations, its product range, and its ability to offer personalized solutions for the Neuflize OBC bank.
Cardif and Neuflize OBC have partnered for more than ten years within the framework of AEP, a B2B commercial brand of Cardif specialized in designing and marketing high-end life insurance and capitalization products. This new alliance will enable Cardif and Neuflize OBC to consolidate their respective leadership positions in asset management and wealth management in France.
Neuflize Vie was founded in 1990 through a joint venture with AXA, with ABN Amro owning a 60% stake and AXA a 40% stake.
“We are delighted at the prospect of this strategic alliance with BNP Paribas Cardif and the opportunity to collaborate in order to rapidly expand the offering of life insurance solutions that are central to the wealth management strategies of our clients.” – Laurent Garret, Country Executive Officer, Neuflize OBC.
“I am excited about this unique opportunity for Neuflize Vie, recognized for its expertise, to partner with one of the life insurance leaders in France. We look forward to expanding our business together to benefit our clients and our partners.” – Arnaud de Dumast, Chief Executive, Neuflize Vie.
“We are proud that our long-term partnership with Neuflize OBC will enable us to work together to consolidate our position in the wealth management life insurance segment in France. This new alliance illustrates our capacity to jointly deploy our value proposition to benefit our partners.” – Pauline Leclerc Glorieux, Chief Executive Officer of BNP Paribas Cardif.
“We are pleased with Neuflize OBC’s confidence in bringing our Life companies together, which will allow us to continue to offer our partners and customers products and services of the highest market standards.” – Fabrice Bagne, Deputy Chief Executive of BNP Paribas Cardif, France, Italy, and Luxembourg.
This agreement remains subject to applicable procedures relative to employees involved, and to approval from relevant regulatory and competition authorities.
